The World Trade Organization has cautioned that new U.S. tariffs may lead to a roughly 1% decline in global merchandise trade volumes this year. WTO Director-General Ngozi Okonjo-Iweala warns of the risk of a tariff war and economic repercussions. However, the WTO chief pointed out that despite these new measures,...
Five WTO members—the US, Argentina, Australia, Canada, and Ukraine—have flagged concerns over India’s agricultural subsidies, specifically its Market Price Support (MPS) for rice and wheat. They claim that India has underreported its support levels, with rice subsidies exceeding 87% of production value in 2021-23 and wheat support ranging from 67-75%....
At the recently concluded WTO Ministerial Conference 13 in Abu Dhabi, the Indian delegation emphasised the country’s commitment to addressing food security for its vulnerable populations as a crucial discussion point. This commitment is viewed as a significant step towards lifting millions of people out of poverty, aligning with the...
In the forthcoming WTO Ministerial Conference that begins in Abu Dhabi on February 26, the international community is seeking some pragmatic outcomes. There are several contentious issues on the table. However, it will be in good interest of the multilateral trading system if the developed countries are flexible and accommodating...
Dr Sunitha Raju deliberates on the WTO’s work programme post-pandemic, the dilemma of diverse concerns of developing nations, challenges faced in consensus building and proposed negotiation strategies for India. She also opines that G20 can play an important role in addressing the challenges of multilateralism and preserving the effectiveness of...
Dr Amita Batra, Professor of Economics, Jawaharlal Nehru University, discusses the role of the WTO in context of the changing trade dynamics over the past few years, and how the organisation should be strengthened going forward. Global trade has undergone a major transformation in the past 3 years. In my...
Non-tariff measures have been on a consistent rise across the world, leading to significant costs for exporters. Easing them will be even more critical now to ensure a quicker post-COVID recovery. • From 1995 till date there has been definitely a significant reduction in import tariff rates across most of...
Without a strong impetus from its Members, WTO may remain ineffective in its core mandate of managing international trade relations. The costs of this (economic or otherwise) may be too much to bear in the post-COVID world. • At a time when global economy and trade face unprecedented downturn, significant...
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